CALGARY, May 7, 2019 /CNW/ - Strad Energy Services Ltd. ("Strad" or the "Company") (TSX:SDY) today announced its intention to change its name to Strad Inc. to better reflect the direction of the Company as it continues to focus on customers from a wide range of industrial sectors. Strad's shareholders will be asked to approve a special resolution to change the name at the Company's next Annual and Special Meeting of Shareholders.
"In October, we announced a new era for Strad based on the significant growth opportunity that exists for our Industrial Matting division. To reflect this positive development for the Company, we underwent several initiatives last fall that included reporting new financial segments, a strategy to double our matting fleet by 2021, as well as a relaunch of our brand," said Andy Pernal, Strad's President and Chief Executive Officer. "This name change will reflect the broad range of sectors across North America for Industrial Matting, including power transmission and distribution, pipelines, construction, mining as well as oil and gas."
Subject to shareholder and regulatory approval, the name change will become effective upon filing of Articles of Amendment with the Alberta Corporate Registry, which is expected to occur shortly after the Annual and Special Meeting of Shareholders on May 29, 2019. Strad intends to continue trading under "SDY" on the Toronto Stock Exchange.
Strad specializes in industrial matting and equipment rentals for projects of any size, from a network of branches across Canada and the United States. Strad aims to exceed customer expectations in many industrial sectors, including Oil & Gas, Pipeline, Power Transmission, and Mining.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
Forward Looking Information and Statements
This news release contains certain forward looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "estimate", "may", "will", "project", "should", "believe", "plan", "intends", "forecast" and similar expressions are intended to identify forward looking information or statements. In particular, but without limiting the foregoing, this news release contains forward looking information and statements pertaining to the following: the forecasted growth in the Company's industrial matting division, receipt of shareholder and regulatory approval of the name change, the expected timing of the name change and Strad continuing to trade under the symbol "SDY". Forward looking information or statements are based on a number of expectations or assumptions of Strad which have been used to develop such information or statements but which may prove to be incorrect. Although the Company believes that the expectations reflected in such forward looking information or statements are reasonable, undue reliance should not be placed on forward looking information or statements because the Company can give no assurance that such expectations or assumptions will prove to be correct. The forward looking information and statements contained in this news release speak only as of the date hereof and Strad does not assume any obligation to publicly update or revise any of the included forward looking information or statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.
SOURCE Strad Energy Services Ltd.
For further information: Andy Pernal, President & Chief Executive Officer, (403) 775-9202, Email: email@example.com; Michael Donovan, Chief Financial Officer, (403) 775-9221, Email: firstname.lastname@example.org; StradEnergy.com